Lion Real Estate Exits San Diego

Woodspear Properties paid more than $23 million for the 84-unit Class B community, while assuming the outstanding balance of a $15 million loan from the seller.
The Avenues at San Marcos

Lion Real Estate Group has sold The Avenue at San Marcos, an 84-unit Class B community in San Diego, for $23.3 million. The buyer, Woodspear Properties, assumed the outstanding balance of a $14.8 million loan from JPMorgan Chase, originally taken out in 2017, according to Yardi Matrix.

With the sale, Lion Real Estate exits the San Diego multifamily market. Earlier in the year, the firm made its first acquisition in the Nashville area with the $16.6 million purchase of a 206-unit community.

Located at 506 E. Barham Drive in the Escondido submarket, the community’s six two-story buildings are positioned along the south side of California Route 78, less than 3 miles from Interstate 15 and 35 miles north of downtown San Diego. California State University San Marcos is situated a short walk away, and the property is served by the North County Transit District’s Sprinter light rail system.

The Avenue at San Marcos, opened in 1988, contains a mix of one- and two-bedroom apartments, with floorplans between 640 and 900 square feet. Amenities include a fitness center, tennis court, swimming pool and clubhouse. As of October, the property was 97.6 percent occupied.

Image courtesy of Yardi Matrix